Author: WTX Business Team

Shares drop in US and Asia as AI stocks slide Financial markets in the US and Asia experienced sharp declines as investors sold off technology stocks, particularly those related to artificial intelligence (AI). In New York, the S&P 500 dropped 2.3%, the tech-heavy Nasdaq fell 3.6%, and the Dow Jones Industrial Average decreased by 1.2%. Major firms like Nvidia, Alphabet, Microsoft, Apple, and Tesla led the losses. In Asia, Japan’s Nikkei index fell by 3%. AI chip giant Nvidia’s shares fell 6.8%, losing about 15% of its value over two weeks. Tesla’s stock dropped over 12% following disappointing financial results.…

Musk to move SpaceX and X HQ over gender-identity law Billionaire Elon Musk announced plans to move the headquarters of SpaceX and social media platform X from California to Texas. This decision follows Musk’s opposition to a new Californian law prohibiting schools from requiring staff to disclose information about a child’s gender identity to parents. Musk expressed his frustration, stating, “This is the last straw.” This is the final straw. Because of this law and the many others that preceded it, attacking both families and companies, SpaceX will now move its HQ from Hawthorne, California, to Starbase, Texas. https://t.co/cpWUDgBWFe— Elon…

Xi tackles slow growth as economy falls short of expectations China’s economy slowed down in the second quarter, growing by 4.7% and falling short of expectations after a strong start to 2024. This comes as China’s leaders gather for the Third Plenum to address the country’s sluggish growth, aiming to meet an annual growth target of around 5%. The economy faces challenges like a prolonged property crisis, local government debt, weak consumption, and high unemployment. Analysts are watching the Plenum for significant reforms, though they are sceptical about immediate impacts. State-controlled media have hinted at comprehensive reforms, invoking past major…

Markets Indices Crypto Monday’s Business Highlights A mix bag this week after a rollercoaster weekend, President Trump’s attempted assassination by Jewish radical, Agonising Euro defeat for the English and bodies being dumped in the river. But the markets have responded as Burberry cancels dividend sending shockwaves to investors. Asian markets slip because the Chinese did not meet GDP targets. But the UK is receiving a raft of economic upgrades for positive economic performance. Crypto markets have boomed over the weekend as Bitcoin passes the $60k mark again having a knock on effect on all other crypto markets. Burberry cancels dividend…

Markets Indices Crypto Today’s Business Highlights The Banking sector took a hit after a boost yesterday as banking complaints surged to a 10 year high. Gold prices have risen slightly and Sterling has strengthened against the Dollar but has remained relatively stable against the Euro. Despite the uncertainty in the deadlock in the French Parliament. Bitcoin is trading at a lower rate than yesterday and all the crypto’s have seen a drop since yesterday. Following news that BItcoin farmers are capitulating. And the big news in the tech world is Graphcore snapped up the Japanese for less than the stock…

Markets Indices Crypto Today’s Business Highlights The Labour government are revelling in their honeymoon period as the economy has got a much needed boost today. With news that GDP is better than expected as the economy grows. Another dodgy investment banker is convicted of fraud. As a jury in New York has found the Wall Street investor, Sung Kook ‘Bill’ Hwang, guilty of fraud and market manipulation. And Labour are heading to take on industry as rising levels of worklessness are “unacceptable” and require “immediate action”, the new Labour government’s jobs minister has said. Economy back on track as GDP…

Tech giant Samsung workers to strike indefinitely A union representing workers at Samsung Electronics in South Korea has called for an indefinite strike, demanding better pay and benefits. This decision followed a three-day general strike by the National Samsung Electronics Union (NSEU), which claims that management has ignored their demands for talks. The union represents nearly 25% of Samsung Electronics’ workforce and reports that about 6,500 workers have joined the strike, disrupting production. Samsung disputes these claims, assuring that production lines remain unaffected and expressing a commitment to negotiate in good faith. This strike marks the second since the union’s…

Jeff Bezos to sell another $5bn of Amazon shares Amazon founder Jeff Bezos plans to sell another 25 million shares of the tech giant, valued at nearly $5 billion. This decision follows Amazon’s stock market value reaching a record high on Wednesday. In February, Bezos announced he would sell around $8.5 billion worth of shares, marking his first sale since 2021. Amazon’s stock has surged over 30% this year, driven by high expectations for the company’s earnings from growing demand for artificial intelligence (AI) technology in its cloud computing business. Last month, Amazon’s market valuation surpassed $2 trillion for the…

Korean web comic giant set for $2.7bn market debut Webtoon Entertainment, the world’s largest webcomic platform, has pegged its market value at $2.67 billion (£2.11 billion) as it prepares for its US listing. The company’s shares are set to begin trading on the Nasdaq stock exchange on June 27 at $21 each, hitting the top end of their marketed range. The Los Angeles-based company is owned by South Korean tech giant Naver, which has seen significant growth driven by the increasing global popularity of Korean and Japanese comics. Webtoon Entertainment currently boasts 170 million monthly active users across more than…

VW to invest up to $5bn in electric vehicle maker Rivian German car giant Volkswagen (VW) announced plans to invest up to $5 billion in electric vehicle (EV) maker Rivian, creating a joint venture to share technology. Following the announcement, Rivian shares surged nearly 50%. This collaboration comes as competition among EV manufacturers intensifies and Western nations impose tariffs on Chinese imports. VW will initially invest $1 billion in Rivian, with an additional $4 billion to be invested by 2026. Despite being founded in 2009, Rivian has yet to post a quarterly profit and reported a net loss of over…

Microsoft back as most valuable firm as Nvidia slips Nvidia has lost its position as the world’s most valuable company to Microsoft following a 3.5% drop in its share price on Thursday. Nvidia briefly held the top spot from Tuesday, with a market valuation of $3.34 trillion. However, its shares fell to $130.78, reducing its valuation to around $3.22 trillion, allowing Microsoft to reclaim the title with a valuation exceeding $3.3 trillion. Nvidia’s ascent was driven by its dominance in AI chip technology, described as the “new gold or oil in the tech sector.” Nvidia, Microsoft, and Apple, all valued…

Interest rates expected to be held at 5.25% On Thursday, the Bank of England is expected to hold interest rates steady at 5.25% for the seventh consecutive time. Despite inflation reaching the central bank’s 2% target for the first time in three years, most economists do not foresee a rate cut. They predict the Bank will wait to confirm if inflation remains at 2% in the coming months, with a potential rate cut now more likely in the autumn rather than the summer. This decision comes ahead of the general election, where economic policies will be a crucial point of…

China car firms seek 25% tax on EU – state media Chinese car companies are urging Beijing to impose import taxes of up to 25% on European Union (EU) vehicles if the EU implements tariffs on cars from China. This demand was made at a private meeting organised by China’s Ministry of Commerce, which included representatives from European car firms. The proposed tariffs would specifically target EU cars with large petrol engines. This move comes after the EU threatened Chinese electric vehicle (EV) makers with tariffs up to 38% starting July 4. The meeting in Beijing included four Chinese and…

City AM – Finally the England wine summer arrives Lead story The English wine industry is toasting the start of what it hopes will be a bumper summer for homegrown vintages. The once-maligned sector, based mainly in the south-east, has shown extraordinary growth in recent years and yesterday insiders told City A.M. it was set for the best summer of sales yet. Those hopes were boosted overnight by the award of a host of high-profile awards for English wines at the prestigious Decanter World Wine Awards. (Business pages)

FT – Russia scours China for second-hand machine tools needed to make arms Lead story Russia is scouring China for second-hand machine tools using shadowy networks of buyers, as the Kremlin races to secure vital equipment to increase arms production. Moscow’s covert strategy for obtaining precision machinery, uncovered by researchers, attempts to sidestep increasingly restrictive western sanctions and export controls that aim to stunt manufacturing for the military. (Business Pages)

KEY POINTS London becomes Europe’s largest stock market again The UK’s main stock market has regained its position as Europe’s most valuable for the first time in nearly two years, data shows. The total value of companies listed on the London Stock Exchange (LSE) reached $3.18 trillion on Monday, surpassing the $3.13 trillion value of companies listed in Paris, according to Bloomberg data. Although the valuations have fluctuated and remain close, analysts see this as a significant milestone. They attribute the French market’s decline to election-related uncertainty, while the UK market is recovering from years of underperformance. The LSE had…